Please see League Business Leaders Network member PFM’s Multi-Asset Class Monthly Market Review for May below.
Economic and Market Highlights
- Domestic equity markets, as represented by the S&P 500 Index (S&P), rebounded in April, returning 12.82%. COVID-19 continues to spread across the globe, though the number of new cases is beginning to decline in many areas, and governments are forming plans to reopen their economies.
- Non-U.S. equity markets, represented by the MSCI ACWI ex-U.S., ended the month up 7.58%, as governments and central banks stepped in to support their economies. The spread of COVID-19 started to slow in developed markets outside of the U.S. Developed markets ex-U.S., represented by the MSCI EAFE Index returned 6.46%, while emerging markets (EM), represented by the MSCI Emerging Markets Index, returned 9.16% in April.
- Yields were relatively flat across the U.S. Treasury Yield curve in April, with the 2-year and 10-year yields falling five basis points (bps) and three bps, respectively.
Click below to read the full recap and PFM’s Items to Watch
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